Reinsurance News
Reinsurance renewals news
Reinsurance renewals are the key points in the year when the majority of reinsurance contract renewal negotiations occur and are completed.
The reinsurance renewal seasons provide insight into reinsurance pricing, contract terms, reinsurance market positioning and the direction of future trends in the market.
Key reinsurance renewals occur at: the 1st of January, which is the biggest renewal of the reinsurance year and has a broader global focus; April 1st when Japanese reinsurance renews; June 1st for Florida reinsurance renewals; and July 1st when more US reinsurance business gets renewed.
Our reinsurance renewals news covers all of these key points in the year and we also provide analysis and insight into what to expect at upcoming renewal seasons as well.
Analysts expect mid-teen reinsurance rate increases at mid-year renewals
31st May 2019
Analysts at KBW expect average June 1st catastrophe reinsurance rate increases in the mid-teens, but warns that Florida cat rates remain far below previous peaks. Anticipation of average rate increases in the mid-teens at the upcoming mid-year renewals follows analysts' meetings with Bermudian insurers, reinsurers and brokers. KBW notes that expectations ... Read the full article
JMP predicts 15-20% rate hikes at June 1, says Jebi creep could reach $16bn
28th May 2019
Analysts at JMP Securities anticipate that overall pricing increases at the upcoming June 1 reinsurance renewals will be in the range of 15-20%, with wide variation among programs. The firm’s estimates follow meetings with re/insurers and brokers in Bermuda, which also revealed that many are expecting loss creep from Typhoon Jebi ... Read the full article
Property cat business expected to drive underwriting profit at Third Point Re
17th May 2019
As hedge fund-backed reinsurer Third Point Re continues to build and evolve its underwriting platform, which now includes property catastrophe reinsurance business, it expects to achieve underwriting profitability within the next year or so, according to Dan Malloy, Third Point Re's Chief Executive Officer (CEO). The hedge fund-backed reinsurer adopts an ... Read the full article
FedNat well situated for “unusual” renewal: President & CEO Braun
15th May 2019
Numerous dynamics are at play across the reinsurance market ahead of June 1st, with delays in pricing and gamesmanship contributing to an unusual mid-year renewals season, according to the President and Chief Executive Officer (CEO) of FedNat Holding Company, Michael Braun. The global risk transfer industry continues to speculate about the ... Read the full article
Everest Re CEO Addesso encouraged by rational response to market issues
14th May 2019
The President and Chief Executive Officer (CEO) of Bermuda-based reinsurer Everest Re, Dominic Addesso, is encouraged by how the reinsurance industry is responding to recent loss activity and trends. On the back of consecutive years of increased re/insured catastrophe losses, intense competition and significant pressure on rates, first-quarter 2019 commentary from ... Read the full article
Florida market to undergo meaningful price correction at June 1: AIG’s Zaffino
10th May 2019
Global insurer AIG believes the Florida property reinsurance market will undergo a meaningful price correction at the upcoming mid-year renewals, while more broadly, it continues to see greater evidence of price discipline, according to Global Chief Operating Officer (COO) and Chief Executive Officer (CEO) of General Insurance, Peter Zaffino. Speaking during ... Read the full article
Allstate “feels really good” about 2019 reinsurance placement: CFO, Rizzo
8th May 2019
Mario Rizzo, Executive Vice President (EVP) and Chief Financial Officer of The Allstate Corporation, has said that the insurer feels "really good" about its larger catastrophe reinsurance program for 2019 - 2020. Allstate makes extensive use of reinsurance protection to optimise the risk and return profile of its homeowners business, and ... Read the full article
Hiscox uncertain if mid-year rate increases will be adequate
7th May 2019
Global insurer and reinsurer Hiscox saw its gross written premiums increase by 0.6% in the first-quarter of 2019, as a decline in the reinsurance & insurance-linked securities (ILS) segment offset growth in the retail and London market segments. At the same time, the re/insurer is unconvinced mid-year rate increases will ... Read the full article
Chubb renews global prop cat & terrorism reinsurance at April 1st
6th May 2019
Global insurer Chubb has disclosed the terms of its reinsurance buying at the April 1, 2019 renewals, which saw it renew both its global property catastrophe and terrorism coverages. The company explained that the global property cat program, which applies to its North American and International operations, was renewed with modest ... Read the full article
Swiss Re optimistic about renewal rates at mid-year: CFO, John Dacey
3rd May 2019
John Dacey, the Group Chief Financial Officer (CFO) of reinsurance giant Swiss Re, has said that in all cases, rate movements at the April 1st renewals were adequate for the firm and that it's optimistic about the important June / July renewals season. Swiss Re today reported its financial results ... Read the full article
Re/insurance market turning more positive, say analysts
2nd May 2019
Analysts at Canaccord Genuity believe signs of a steady re/insurance market turn might be starting to materialise, underpinned by a return to underwriting discipline and a shift from market dynamics more favourable to buyers of protection. Discussing a recent Willis Towers Watson (WTW) report, analysts note a more positive outlook for commercial ... Read the full article
Mid-year reinsurance renewals could be similar to April 1: JMP analysts
2nd May 2019
The upcoming mid-year reinsurance renewals are likely to produce similar results to the recent Japan April 1st renewals, underpinned by respectable but uninspiring increases owing to an abundance of available capital in the market, according to analysts at JMP. Analysts highlight disappointing rate improvements at the January 1st 2019 renewals, followed ... Read the full article
Universal’s Jon Springer highlights speculation around mid-year rate movements
30th April 2019
Speculation remains around the magnitude of rate movements at the mid-year 2019 reinsurance renewals, underpinned by the potential impact on pricing from recent legislation targeting assignment of benefits (AOB) abuse in the state of Florida, according to Jon Springer, the President and Chief Risk Officer (CRO) of Universal Insurance Holdings, ... Read the full article
AXIS significantly expands in Japan under “quite attractive terms”
29th April 2019
Bermuda domiciled insurer and reinsurer, AXIS Capital significantly increased its exposure in Japan at the April 1st renewals, under "quite attractive terms." Speaking during the re/insurer's first-quarter 2019 earnings call, AXIS Capital President and Chief Executive Officer (CEO), Albert Benchimol, noted an "attractive Japanese market" at the most recent renewals, with ... Read the full article
Potential for mid-year reinsurance rate increases to be stronger than expected: JMP
25th April 2019
Analysts at JMP Securities LLC believe that reinsurance rate increases at the upcoming mid-year renewals could be stronger than initially expected. Combined, a number of trends suggest that this time around, "pricing may have some teeth", say analysts in a recent industry note focused on the mid-year reinsurance renewals. Highlighting reports that ... Read the full article
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